Feb. 25 (Bloomberg) -- TNT Express NV tapped Tex Gunning as
chief executive officer, relying on the former head of Akzo
Nobel NV’s paint subsidiary to lead the package-delivery company
in the wake of a failed takeover by United Parcel Service Inc.

Gunning, 62, will take up the post in June, pending
approval from the supervisory board, TNT Express said today.
Bernard Bot, who became interim CEO Sept. 24 following the
departure of Marie-Christine Lombard, will become chief
financial officer, while interim CFO Jeroen Seyger will assume
another senior financial position within the company, TNT said.

“Tex’s extensive business experience and track record in
successfully turning around businesses and delivering results
make him the ideal candidate in this critical time for” TNT
Chairman Antony Burgmans said in the statement. Burgmans also
sits on the supervisory board of Akzo Nobel.

The proposed appointment of the 62-year-old Dutchman comes
after Atlanta-based UPS on Jan. 14 halted its 5.16 billion-euro
($6.8 billion) bid for TNT as European regulators opposed the
deal. Gunning’s resignation as head of Akzo Nobel’s decorative
paints business was announced earlier this month.

TNT on Feb. 18 said it will cut costs and reduce its
aircraft fleet as parts of a stand-alone strategy, after the
failed takeover attempt flushed a break-up fee of 200 million
euros into the corporate coffers.

“He also seems an intermediary, but in a way the right
person for the time being, looking at his experience in
turnaround situations,´´ Andre Mulder, an equity analyst at
Kepler Capital Markets in Amsterdam, said in a note to clients.
‘‘The strategic changes would be better made by a new CEO with
industry experience.´´

TNT Express rose as much as 86 cents, or 1.6 percent, to
5.6 euros in Amsterdam. The stock, which lost half its value on
the day UPS pulled its takeover bid in January, has lost 33
percent this year.

Gunning joined Akzo, the world’s largest paint maker, in
2008 to head its decorative paints business. Gunning had
previously made his mark as CEO of Vedior NV, a Dutch employment
company that he sold to Randstad Holding NV for 3.5 billion
euros in 2007.